[Asia Economy Reporter Hyungsoo Park] Wavers, a spatial information industry platform company, is showing strong performance. It appears that news of the Yoon Seok-yeol administration's regulatory reforms in new technology fields such as artificial intelligence (AI), metaverse, and blockchain is influencing the stock price.
As of 10:33 AM on the 4th, Wavers is trading at 1,475 KRW, up 6.88% from the previous day.
According to the Presidential Office and government ministries, the Presidential Advisory Council on National Economic Policy, which is directly under the president and responsible for establishing and coordinating national economic policy directions, held its first meeting last month chaired by President Yoon. Following this, it has begun designing "innovation-friendly regulations" addressing regulatory reforms in new technology fields. This is a follow-up action after President Yoon instructed the advisory council and other regulatory reform bodies to conduct reviews.
President Yoon pointed out the "regulatory lag phenomenon," stating, "While the speed of technological innovation is fast, regulations are not keeping up with industries and markets." The advisory council decided to first review regulations in new technology fields such as AI, metaverse, and blockchain. These are the sectors President Yoon identified as new industries and new technologies, and the plan is to undertake legal and institutional improvements related to relevant laws, platform operation regulations, and asset utilization autonomy.
Earlier, Wavers was awarded the lead contractor position for the Ministry of Land, Infrastructure and Transport's "Digital Twin National Land Service Infrastructure Construction" project last month. Of the total project cost of approximately 4.082 billion KRW, Wavers' contract amount is about 2.04 billion KRW, with the contract period lasting until September 11 of this year.
The goal is to build a digital twin national land by implementing a virtual world identical to the real national land in three dimensions and to provide virtual land convergence services to public institutions and citizens. Wavers plans to establish a standard model for spatial information-based digital twins by providing 3D spatial modeling, Building Information Modeling (BIM) database optimization, and data meshes. It is expected to present standards for the spatial information sector of the government's pursued "Digital Platform Government" and to facilitate administrative tasks and public services more smoothly. By providing national spatial information, which is the foundation of future industries, it is anticipated to greatly contribute to job creation by advancing new industries such as digital twins, Urban Air Mobility (UAM), and autonomous driving.
Spatial information is one of the essential elements for the development of new businesses such as big data, augmented reality (AR), and metaverse. Wavers plans to create a business-to-business (B2B) market for metaverse, digital twins, augmented reality (AR), virtual reality (VR), and extended reality (XR), all of which require spatial information.
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